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India is about to start free trade talks with the Gulf Cooperation Council. Earlier this week, UAE Foreign Minister Abdullah bin Zayed Al Nahyan met with Foreign Minister Jaishankar during a two-day visit to India to deepen ties between the two countries. Bilateral trade between India and the UAE is expected to exceed $88 billion this year.
The UAE is India’s third-largest trading partner after the US and China, having signed a comprehensive economic partnership agreement with India for the first time in February.
The goal is to increase bilateral trade in goods to $100 billion within five years.Speaking of CNBC-TV18 Regarding the progress made since the signing of the Comprehensive Strategic Partnership Agreement (CEPA) in February, Dr. Abdul Nasser Al Shaali, UAE Ambassador to India, said that the signing of the CEPA with India in such a short period of time speaks volumes about the relationship between the two countries.
“I think the right target is $100 billion, non-oil trade over the next five years. In terms of overall bilateral trade, we’re on track to get pretty high numbers this year and next year. But non-oil bilateral trade will continue over the next five years Growth. As you mentioned, CEPA is the framework within which we operate, the backdrop for current and future economic and trade relationships. So what we’re trying to do is raise awareness of the benefits that CEPA provides, whether it’s the big investors , or SMEs who choose to set up shop in India or set up shop in the UAE, how can they benefit,” he said.
He added, “CEPA with India means that there is some kind of model that can be followed, or that can be improved and extended to the entire GCC market. In fact, we were able to do this in just 88 days or so Time has told a lot about the relationship and the importance both countries attach to CEPA.”
India chairs the G20 group today, of which the UAE is a member, and the next climate summit, COP28, will be held in the UAE. Referring to the UAE’s expectations for the Indian presidency, the ambassador said, “As you know, the UAE is now invited as the guest of honor for the second time, having been invited twice before to chair the GCC and our view is that we hope That engagement can continue.”
“We want to support India in its presidency. We want to make sure we are actively engaged in all the highest level working groups. This is a commitment that the UAE government has made to the Indian government and it will continue throughout the Indian presidency until September 2023 Leaders summit in Delhi,” he continued.
Watch the video to learn more
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